Shares in Hargreaves Lansdown rose in early trading after it gathered a record £1.16bn of net new assets during a quarter which saw it enter the FTSE 100 for the first time.
Assets rose 15% on the same period last year, during what is traditionally the wealth manager's busiest period. Total assets under administration grew by £1.3bn (6%) from £22.3bn to £23.6bn over the quarter to 31 March 2011, powered by inflows to the group's direct to consumer Vantage platform. The value of assets held on Vantage also rose by 6% from £20.9bn to £22.1bn over the period. This can be attributed to £1.1bn net new business inflows and a £0.1bn positive impact of the market and other growth factors. In reaction shares were higher in early trading, up 0.75% to 609.5p. ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
